The world understands less than 5% of the King of Deals. Yesterday, he wanted to wipe out Iran, and today there's a ceasefire agreement. If the King of Deals didn’t go long himself, it just wouldn’t make sense. Bitcoin surged quickly to 72K, but the implied volatility (IV) of major-term options is still dropping, even the IV of near-expiry options is down. Skew has been encouraged by the rally, with the degree of negative bias decreasing. Meanwhile, due to the rise in realized volatility (RV), the VRP, which saw a clear rebound yesterday, has fallen back again. Looking at the main indicators for options, the rally breaking 70K has clearly boosted market confidence. However, this is more about alleviating fears of a black swan-triggered crash rather than expecting a sustained price increase.